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Miguel Cordon · · 1 min readIndian financing firm for rural markets banks $30m in Mirae Asset-led round
“Jai Kisan, a Mumbai-based rural fintech startup, has raised 2.17 billion rupees (US$30 million) through a combination of equity and debt through a series A round led by Mirae Asset to fund its expansion plans,” The Hindu Business Line reported.
Details:
- Investors such as Syngenta Ventures, Blume Ventures, Arkam Ventures, Nabventures, Prophetic Ventures, and Better Capital took part in the round, while Blacksoil, Stride Ventures, and Trifecta Capital participated in the raise’s debt portion.
- Jai Kisan’s co-founder Arjun Ahluwalia said that the firm will invest the funds to bolster its engineering capabilities, expand into new markets, and build an on-book portfolio. It also plans to create new credit products using its own capital.
Context:
- The development comes after Jai Kisan logged 27.9 billion rupees (US$385 million) in annualized gross transaction value on its invoicing and billing app Bharat Khata as of March 21 this year.
- Jai Kisan previously raised US$3.9 million in its 2019 pre-series A round led by Arkam Ventures.
Editing by Collin Furtado and Jaclyn Tiu
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